Mortgage Brokers - Review of the ASIC Data - September quarter 2026
Our second run analyzing the Mortgage Broking Industry. Like financial advisers, mortgage brokers must register with ASIC. Mortgage brokers do so as Credit Representatives, which puts their details in the ASIC Credit Representative dataset. ASIC also maintains a separate dataset for Credit Licensees.
Unlike the dedicated dataset for financial advisers, mortgage brokers are included with all credit providers. For our first reports, we focused on the larger Credit Licensees and, where possible, linked them to major groups we call Licensee Controllers. These Licensee Controllers, often called aggregators, provide services to credit licensees and individuals who provide mortgages.
QED Credit Services has moved into the top ten, replacing Astute Financial Management.
We welcome feedback to improve its usefulness.
Note: The Dashboards used for this post are available for free at our website and users can change the time-frames and number of top Licensee Controllers
This report analyses movement of Credit Representatives across the top ten Licensee Controllers over the second quarter of 2026, from 1 April 2026 to 1 July 2026.
Key Statistics for the Quarter:
Top ten individual credit reps at 1 October 2026: 17,833
Net change for the quarter: +97 (+0.5%)
Net change Calendar 2026 YTD: +279 (+1.6%)
All 34 aggregator controllers at 1 October 2026: 19,929
All aggregators, net change for the quarter: +113
All aggregators, net change Calendar 2026 YTD: +99
Top ten appointments and exits for the quarter: 881 and 783
New to the register at the top ten for the quarter: 687
New to the register at the top ten, Calendar 2026 YTD: 1,832
Top ten controllers with net gains for the quarter: 7
Top ten controllers with net losses for the quarter: 3
Key Findings
The top ten Licensee Controllers' combined individual headcount rose from 17,736 to 17,833, a net gain of 97 reps (+0.5%). Since 1 January the top ten are up 279 (+1.6%).
Loan Market Group remains the largest controller by headcount on 3,765, ahead of Connective Credit Services on 3,465. Loan Market Group, Connective and Finsure have held the top three places since before January 2025
Calendar year to date, Connective leads by count, +206 (+6.3%), while SFG leads by rate, +88 (+9.9%). Finsure Finance and Insurance has the largest decline since January, (-107) (-3.9%), and Lendi Group Distribution the steepest, (-88) (-7.0%).
Business registered reps across the top ten rose from 12,830 to 12,949 (+119, +0.9%) for the quarter, and are up 416 (+3.3%) since January.
The Top Ten Licensee Controllers - Click To See Full Dashboard
Each controller at 1 October 2026, with its change for the quarter and since 1 January.
Loan Market Group 3,765, +2 for the quarter, +85 since January (+2.3%)
Connective Credit Services 3,465, +63 for the quarter, +206 since January (+6.3%)
Finsure Finance and Insurance 2,615, (-9) for the quarter, (-107) since January (-3.9%)
Australian Finance Group 2,417, +21 for the quarter, +48 since January (+2.0%)
Lendi Group Distribution 1,175, (-10) for the quarter, (-88) since January (-7.0%)
Mortgage Choice 1,138, (-16) for the quarter, +3 since January (+0.3%)
SFG 977, +17 for the quarter, +88 since January (+9.9%), now 7th, up from 8th
Outsource Financial 976, +9 for the quarter, (-3) since January (-0.3%)
Yellow Brick Road Group 932, +4 for the quarter, +34 since January (+3.8%)
QED Credit Services 373, +16 for the quarter, +13 since January (+3.6%), new to the top ten
The top ten has moved from 17,554 at 1 January to 17,774 at 1 April (+220), 17,736 at 1 July (-38) and 17,833 at 1 October (+97). Five controllers have grown in every quarter of 2026, Loan Market Group, Connective, Australian Finance Group, SFG and Yellow Brick Road Group. Lendi has declined in each. Finsure's June quarter fall of 152 has largely eased, with only (-9) this quarter.
Since January, 2,353 people joined a top ten controller, 1,832 of them new to the register and 362 from another aggregator. Over the same period 2,076 left, 1,564 of whom held no credit licence at 1 October and 351 of whom moved to another aggregator.
Top 10 licensee controllers — click chart to view dashboards, select dates, and show all credit licensees for each controller
Reps by State - Notable Points
Queensland led the top ten's state gains for the quarter, +37 (+1.3%), helped by QED Credit Services (+18) and Loan Market Group (+11). Queensland is now 34.6% of QED's book.
Connective added 40 reps in VIC this quarter, the largest single state move of any top ten controller, and is up 82 in VIC and 56 in NSW since January.
Since January, NSW added the most reps, +79 (+1.3%), while Tasmania grew fastest from a small base, +15 (+11.8%). SA is up 51 (+5.0%).
Finsure is down 54 in VIC and 49 in NSW since January, and Lendi is down 44 in NSW.
Connective holds the most WA reps (382), while Australian Finance Group has the highest WA share of its book (13.4%). Loan Market Group holds 48.1% of the top ten's NT reps and 40.3% of SA, and Yellow Brick Road Group has 67.6% of its book in NSW.
Key Movements
Notable moves between top ten Licensee Controllers this quarter include
Lendi Group Distribution with eight leaving to join Connective Credit Services
Loan Market Group with six leaving to join Australian Finance Group, five to Connective and five to Finsure
Australian Finance Group with five leaving to join Loan Market Group
SFG with five leaving to join Connective
Within Loan Market Group, 15 people moved from Loan Market Pty Ltd to LMG Broker Services
Since January the largest routes are
Lendi Group Distribution to Connective (19), the busiest route of the year
Australian Finance Group to Connective (16) and to Loan Market Group (11)
Loan Market Group to Australian Finance Group (14) and to Connective (12), with 14 going the other way from Connective to Loan Market Group
Finsure to Loan Market Group (11) and to Connective (8)
Outside the Top Ten
Viking Asset Aggregation had the largest and fastest gain outside the top ten, +22 (+14.4%), with Fintelligence close behind on +21 (+11.1%).
National Mortgage Brokers had the largest and steepest decline, (-21) (-6.8%), followed by Beagle Finance (-19) (-5.6%).
EzFunds Holding held 243 individuals at 1 January and none by 1 July. Of those 243, 210 held no credit licence at 1 October, 28 were at non-aggregator licences and five had moved to other aggregators. This is why all aggregators are up only 99 since January against 279 for the top ten.
Summary
The September quarter returned the top ten to growth after a soft June quarter, with seven of the ten controllers adding reps. Connective Credit Services continues to set the pace by count, both for the quarter and the year, while QED Credit Services and SFG are growing fastest from smaller bases.
Across 2026 the pressure sits with Lendi Group Distribution, down in every quarter, and Finsure Finance and Insurance, whose June quarter fall accounts for most of its decline since January. Movement between the large aggregators remains steady, with Connective the most frequent destination for brokers changing groups.
